Deposit Growing Movement in the Financial Iraqi Banks

Iraqi Banks News –

Bankers and experts have confirmed that the movement of Iraqi financial deposit in government and private banks Iraqi experiencing increased markedly, reflecting the growing confidence of depositors banking devices.

According to Abdel-Aziz Hassoun, executive director of the Association of private banks, that the volume of cash deposits have increased during the current year to about 70 trillion Iraqi dinars (60 billion U.S. dollars).

He pointed out that among those 40 Trallona deposits (34 billion dollars) back to the public sector banks exist in the national and 30 Trallona (26 billion dollars) as seed money deposited in private banks, government and private.

Hassoun said that attract deposits is the primary task for the banks, it collects savings and surplus funds and is working on the management and operation of public projects feasible.

He added that “With the growth of the size of flows of money in circulation within the country in recent years as a result of the increase in economic and development activities, the movement has expanded the deposit of funds by individuals and companies, as well as from the government.”

Abizaid and Hassoun, saying that “deposits known Balthabth and derived mostly from the private sector representing more importantly, the financial clout of the funds is being exposed to pull on short ranges.”

He believed that “this is what allows for the ability of large banks to dispose of them and using them in the market is comfortable and flexible, unlike the temporary deposits.”

He pointed out that increasing the money deposits and optimal investment in finance various projects related to the vital sectors and services such as housing, education and health that would hurt efforts in support of the overall national development and to support the local economy.

Improve Customer Service

Hassoun stressed the importance of working towards “the development of business and banking services, in particular with regard to credit and debit transactions and conversion attribution and financial systems, and the use of modern technologies in the completion of these transactions.”

He said that it “contributes to strengthening demand depositors banking on our device.”

For his part, stressed the economic expert on behalf of Jamil Antoine that increasing the volume of deposits made in the financial and reflects the existence of a “growing confidence among individuals and businesses to banks and banks in Iraq.”

He explained that to my home “activity taking place in the movement of the deposit means that the Iraqi banking system has become more confident of the depositors.”

Antoine added that any increase in funds deposits would be useless unless they are working to take advantage of them in the establishment of investment projects up and running properly so as not to turn to the banks just cabinets savings depositors.

He stated that it is important to encourage lending business, investors and the banking facilities granted to do so until they are employing capital available in the advancement of service operations and construction in the country and meet the essential needs of the citizens of public services in many sectors of life.

Antoine pointed to the need to intensify efforts to revitalize the reality and the performance of the government and private banks and make them more able to adapt to the market economy.

He said that it would help in creating a legal environment attractive to funds based standards of speed, integrity, and transparency in the completion of daily transactions.

Reload Iraqi Banks

In turn, pointed out a member of the Finance Committee in the Iraqi Parliament, Abdul Hussein al-Yasiri that the reform of banking regulations and directives currently in force of important steps to improve the work of Iraqi banks.

He explained to my home that a lot of those systems “old and do not keep pace with development and cause routine in banking activity, particularly on both the deposit and lending rates.”

He called at the same time to alleviate the conditions of security and reduce the interest rates on deposits and loans.

He noted Yasiri that “there is an urgent need for new legislation serves the banking sector and protect depositors and lenders and pay towards enabling banks to invest their deposits in the construction and reconstruction projects easily and without administrative complications.”

He emphasized the developmental role of actor who can play the banking system.